Prospect Commodities Ltd Company Summary

Prospect Commodities Ltd Summary

Prospect Consumer Products Limited was originally incorporated as Prospect Commodities Private Limited registered vide Certificate of Incorporation dated January 06, 2022 issued by the Registrar of Companies, Central Registration Centre. Company has acquired running business of firm M/s Fortune Exports, registered as a partnership firm. Subsequently, Company was converted into a Public Limited Company and the name was changed to Prospect Commodities Limiteddated January 03, 2023 and further the name of the Company has been changed from Prospect Commodities Limited to Prospect Consumer Products Limited on August 10, 2024. At present, Company is engaged in the business of trading and processing of cashew nuts and allied products.In 2006, the Company Promoter, Vimal Mishra had started his career in the logistic service industry. In 2014, the Company was in logistic business only. In 2015, the Promoter with his wife started their Partnership Firm named M/s Fortune Exports to get into the international trade of Agro Products and from the period 2015 to 2017, the Partnership Firm was mainly in trading of pulses viz Mung.In 2017, the Partnership Firm started importing the Cashew Husk from Vietnam and selling the same to various units of tanning industry in India only. From 2018 to 2020, the Partnership Firm was in trading of Fruits like Banana, Dragon Fruit, Water Mallon & Musk Mallon etc. & Dry Fruits like Walnuts & Cashew. In year 2021, the Partnership Firm had started the cashew processing plant of 150 ton per annum nearby Ahmedabad. The growth of the firm was almost 107% in F.Y. 2021. By looking forward to the demand for product & growth of the firm, Promoter had enhanced production capacity of the cashew processing plant from 150 tonnes per annum to 600 tons per annum. The Partners of the Firm decided to do business in corporate structure and formed the Company Viz. Prospect Commodities Private Limited. The Promoters of the Company were running the partnership firm. The Company had taken over the running business of Partnership Firm with all assets and liabilities from 1st April, 2022 by entering into Memorandum of understanding dated March 29, 2022, for which a consideration by issue of 24,00,000 Equity shares of the Company for acquiring the business was paid at a price of Rs. 10 per share. The Company made a fresh issue of 12,26,000 Equity Shares of Rs 10/- each by raising funds from public through IPO aggregating to Rs. 7.48 Crore in March, 2023.